Understanding credit mix

[cowcoconut]

Most credit reports I get have a section called "Credit Mix". I understand that if I have repaid both loans and credit card bills on time, my CIBIL score will be very high. I know relatives with barely any credit card activity having 800+ cibil because of home loans.
But for someone who doesn't have any loans, does paying multiple credit cards regularly give a CIBIL boost or is it the same?
i.e. if I spend 50K per month on 3 cards as opposed to 50K per month on one card, will that affect my CIBIL in anyways?

Asking purely for knowledge, I will obviously spend everything on SBI cashback

 

[Anindya98]

Most credit reports I get have a section called "Credit Mix". I understand that if I have repaid both loans and credit card bills on time, my CIBIL score will be very high. I know relatives with barely any credit card activity having 800+ cibil because of home loans.

Credit mix refers to the different types of credit accounts you have, such as mortgages, loans, credit cards, and retail accounts. It's one factor generally considered when calculating your credit score, but its weight may vary depending on the credit scoring model used.
Lenders and creditors generally want to know how you have managed different types of accounts over time.

But for someone who doesn't have any loans, does paying multiple credit cards regularly give a CIBIL boost or is it the same?

Always keep a Secured loan even if it is a 5K FD card, if you don't have a home loan, car/auto loan, or any other type of secured loan.

i.e. if I spend 50K per month on 3 cards as opposed to 50K per month on one card, will that affect my CIBIL in anyways?

Depends on the total credit limit and individual card limit also.
For Example,
Card: Apay 1.5L SBI CB 1L Airtel Axis 2L
Limit: 50K 50K 50K
Utilization
Card Level: 30% 50% 25%
Overall Utilisation: 33.3% (Recommended under 30%)
Also, if you regularly use a particular card to a high % every month it will affect your score in the long run and when you get a new card from that bank they will not provide you with a good credit limit or can be rejected ( Risky Borrower)
@SSV kindly share your thoughts

Asking purely for knowledge, I will obviously spend everything on SBI cashback

Try to keep around 30-40% of the card limit. I also do the same sometimes it reaches 60% but I try to keep around 15-30%.

 

[SSV]

Most credit reports I get have a section called "Credit Mix". I understand that if I have repaid both loans and credit card bills on time, my CIBIL score will be very high. I know relatives with barely any credit card activity having 800+ cibil because of home loans.
But for someone who doesn't have any loans, does paying multiple credit cards regularly give a CIBIL boost or is it the same?
i.e. if I spend 50K per month on 3 cards as opposed to 50K per month on one card, will that affect my CIBIL in anyways?

Asking purely for knowledge, I will obviously spend everything on SBI cashback

Please go thru this post thoroughly and ask relevant questions ,if any , there..
I never had any HL still my score is close to 800, crossed 800 a few times as well...

Thread 'CIBIL Score - A Practical Guide'

Jul 18, 2024

CIBIL Score - A Practical Guide

Discalimer: This is mainly for regular Credt Card users who pay all their dues before due date and wondering why their score is not increasing..
Here we dont discuss the cases where there were defaults and / or delayed payments..that is for another day..​

Ladies and Gentelmen,

Here is the much awaited post on CIBIL Score and how it works and what we should do to improve it over the period of the time..

Here I won't go in detail about how the score is constructed as there were numerous posts on the internet in explaining the CIBIL score...

• SSV
• cibil score
• Replies: 397
• Forum: Informative Threads

• 
• 
• 

 

[cowcoconut]

Try to keep around 30-40% of the card limit. I also do the same sometimes it reaches 60% but I try to keep around 15-30%.

BUT MY 5% FLAT CASHBACK

 

[Anindya98]

BUT MY 5% FLAT CASHBACK

Increase your limit then else use a combination of cards like Apay, Swiggy and SBI CB

 

[cowcoconut]

Increase your limit then else use a combination of cards like Apay, Swiggy and SBI CB

Jokes aside I usually have spends of 30k per month (all online), so my 97k limit on sbi cashback is perfect.

Only issue is when I have to book big flights, spends go till 60k. Then I can use my millennia on blinkit, amazon and swiggy.
That's good advice thanks.